CAIA Association has developed two examinations that are used to certify Chartered Alternative Investment Analysts. The Level I curriculum builds a foundation in both traditional and alternative investment markets--for example, the range of statistics that are used to define investment performance as well as the many types of hedge fund strategies. The readings for the Level II exam focus on the same strategies, but change the context to one of risk management and portfolio optimization. Level II CAIA exam takers have to work through the following agenda:
- asset allocation & portfolio oversight
- style analysis
- risk management
- alternative asset securitization
- secondary market creation
- performance and style attribution
- indexation and benchmarking
The CAIA Association (Amherst, MA) is an independent, not-for-profit global organization committed to education and professionalism in the field of alternative investments, established in 2002 by industry leaders under the guidance of the Alternative Investment Management Association (AIMA) and the Center for International Securities and Derivatives Markets (CISDM) with the belief that a strong foundation of knowledge is essential for all professionals. The CAIA Association offers two exams (Level I and Level II) to professional analysts in this growing field so that, upon successful completion, the individuals are designated "Chartered Alternative Investment Analysts" (CAIA). Since only a small number of exam takers pass, this certification has a great deal of prestige in the global community. Members come from over 35 countries on 5 continents.
Keith Black is the Associate Director of Curriculum at CAIA Association. He was an Associate at Ennis Knupp previously, and before that, an Assistant Professor at Illinois Institute of Technology.
Donald Chambers is a professor of Finance at RIT.
Hossein Kazemi is the Program Director for the CAIA Association. He oversees the development, execution, and analysis of the CAIA program's curriculum and examinations. Dr. Kazemi is on sabbatical leave as a Professor of Finance from the Isenberg School of Management at the University of Massachusetts, Amherst. Dr. Kazemi is currently an Associate Director of the Center for International Securities & Derivatives Markets, a nonprofit organization devoted to research in the area of alternative investments, a co-founder of the CAIA Association, and home to CISDM Hedge Fund/CTA Database.
